The Art of Tidying Up Before End of Financial Year


How to KonMarie Your Trust Account at EOFY Are you obsessed like us and an avid follower of the #konmarie method of tidying up? If so, then you’ll have probably watched Marie Kondo’s series in full on Netflix – Tidying Up with Marie Kondo. For those of you not on the tidying movement (for the uninitiated you should really give it a go), Marie is a Japanese-born organising consultant. She helps people declutter their homes by following simple methods and ‘sparking joy’ through the satisfaction of organisation in the home. The premise being that everything has its own place. So this got us to thinking.... Can you imagine how clean Marie’s trust account would be if she had one? Which got us to further thinking.... could we apply these same principles to trust accounting? The answer is yes! Trust accounting software can accumulate a lot of clutter over time. It can be bought on by a change of staff, change of software or simply overlooking the clutter whilst we are busy with the daily processing and running ... read more >>

The Art of Tidying Up Before End of Financial Year2019-05-20T22:17:16+00:00

Choosing the Right Time to Switch to Cloud Accounting


Waiting til the Party Season is Over The start of the New Year is renowned for assessing your current situation - whether it be electricity, insurance, private health, marriage (kidding) - and upgrading or switching to a better deal. New year, new a start and all that. For some services, the New year is a great time to make a switch. Yet for others, like switching your trust accounting software to the cloud, it pays to wait one month longer til the silly season (and party season) is over. Waiting until the holiday season is over for any major accounting software migrations will have you as zen as our friend here. Let's discuss how and why. A lot of companies are making the move from old server-based systems to the cloud. The cloud offers a much more beneficial, time efficient, cost effective alternative to clunky server-based systems. Yet timing is most definitely everything and you want to ensure you get it right the first time. As such, we highly recommend holding off your migration to the cloud ... read more >>

Choosing the Right Time to Switch to Cloud Accounting2019-03-28T06:24:46+00:00

Staying Compliant When Moving To The Cloud 


I've Gone Live.... Now What? Last month we took you through the steps to successfully migrate your software in-house before the July 1st deadline. So at this point, you have successfully migrated your old software on a system-based server to a cloud-based server. Success! As an added bonus, you have maintained all your hair and not extracted a Coles week's supply of chocolate (or wine...). But now what? We often get asked the same common questions from clients who have migrated their software internally. They are (drumroll...): How long do I need to keep my old database open for? How long do I need to keep paying two subscription fess? You will find that a majority of external companies will cut off your access to your old software almost immediately after you have cancelled your subscription. No love lost there. On the plus side, you can request 'read-only' access to the information. Legally this is your data. You are able to access it if requested by an auditor or relevant governing body. So What Do You Need ... read more >>

Staying Compliant When Moving To The Cloud 2019-03-28T06:24:48+00:00

Inhouse Software Migration Checklist


Your Software Migration Checklist to meet the July 1st Deadline Switching to a cloud-based server before this financial year? July 1st is the 'go live' deadline to make the switch from old system-based servers to cloud based solutions. Our migrations team have been tirelessly working around the clock this month to ensure we meet the 1st July ‘go live’ deadline. For those agencies managing the process in-house, we have created a software migration checklist to help manage the process. For the lucky ones... If you are lucky enough to have chosen a cloud solution that has a ‘migration tool’, you are in luck. It will simply copy across the data from your existing software to your new software. Unfortunately, not all cloud solutions have this migration tool. Reason being the data from the server based program is not built for extracting the data. So you are left to manually key in data. All is not lost though! Here at Angel HQ, we live by the motto: “Key It, Don’t Convert It”.  You'll benefit from starting fresh with ... read more >>

Inhouse Software Migration Checklist2019-03-28T06:24:48+00:00

The 10 Top Trust Accounting Software Features of the 21st Century


We love software at End of Month Angels. If you haven't noticed, it is something we are very passionate about! We love that software can help to simplify our lives. It makes things easier - instead of harder. Now who wouldn't love that? Over the years we frequently discuss the importance of software compliance. Just check out a few of our favourites below... Software Compliance Switching software providers  Cleaning your trust accounting software  Timing the change of software providers  The ugly truths of software compliance  Questions to ask when changing providers  Another key role of your software (and one we may not discuss often enough) is the role it plays in your day-to-day operations. Does it make your life easier? Is it up to 21st century standards to ensure your Property Management or Sales Department is running at peak efficiency? If you answer no to any of these questions or feel your current provider is not living up to expectations, then it may be time to make the switch. To help you, we have listed the 10 Top ... read more >>

The 10 Top Trust Accounting Software Features of the 21st Century2019-03-28T06:24:48+00:00

Are Server-Based Bookkeeping Systems Dead?


Just as the real estate industry is undergoing a shift towards cloud-based solutions, the accounting industry is also progressing onwards and upwards since the introduction of Xero back in 2007. It's time to say goodbye to server-based bookkeeping systems. Our bookkeeper Wonderwoman and Office Manager Tracy is both Xero certified and a registered BAS agent. This month, she gives us her insights as to why Xero is the perfect solution for Real Estate agencies looking to streamline their accounting processes from 1st July 2018. Top 8 Reasons Why Xero is the Leader in Online Accounting Systems Firstly, most trust accounting software packages talk to Xero.  This is particularly useful for agencies and their income and reimbursement reporting. Xero also allows for better tracking as transactions are pushed across to Xero for monthly income and expenses. This includes Property Management fees, agent management fees, advertising and agent reimbursements. Staff can enter their own leave requests directly into Xero for Director approval. They can also download their own payslips. Easy to track employee working hours as staff can enter ... read more >>

Are Server-Based Bookkeeping Systems Dead?2019-03-28T06:24:49+00:00

Real Time Banking New Payment Platform


The Future of Online Banking Reports released by the Sydney Morning Herald and Better Banking report that 3 out of the 4 biggest banks will roll out a New Payments Platform (NPP) offering real time payments. This new payment platform will allow customers access to clear funds in less than 1 minute as opposed to the existing 2-3 days. What is NPP? Gone are the days of a BSB and account number. Customers will instead have a unique ID which links to an email address or mobile. Still in the testing phase, the big banks are trialling the new system on a select group of customers to iron out any glitches and ensure the smooth and successful roll out to all customers. What does this mean for the future of Real Estate and Trust Accounting? No clearance waiting times No more waiting for 24-48 hours for funds to clear. Real time payments will clear 7 days a week - whether it be a weekend of a public holiday. Instantaneous Transactions Sales settlements will now be instantaneous with ... read more >>

Real Time Banking New Payment Platform2019-03-28T06:24:49+00:00

8 Ways to Reduce Costs for Start-Up Real Estate Agenices


Australia thrives on small business. It is what makes our country go round. So the reality of the number of small business that fail to succeed is definitely a cause for concern. According to the Australian Bureau of Statistics, more than 60% of small businesses cease operating within the first three years of opening their doors. How Can You Reduce Costs for Your Start-Up Real Estate? We see the answer to this question lies in planning. You can have the best business idea in the world, yet without a solid business, financial and marketing plan, you are setting yourself up to be a statistic. The reality is that running a real estate agency is an expensive business. There are a lot of upfront and ongoing costs to manage. We have seen many agencies cease to operate in their first year – and it came down to poor planning. We have outlined some high cost areas and suitable alternatives to consider when starting out. Remember, you can start small and grow big. Living within your means is a ... read more >>

8 Ways to Reduce Costs for Start-Up Real Estate Agenices2019-03-28T06:24:54+00:00

5 Tips For Working on Holidays for Trust Accountants


Working like a boss on holidays. Working and holiday are generally two words that should never go together in the same sentence. Unfortunately, as many Real Estate agency owners know, finding that right work/life balance can often prove difficult. As discussed in our earlier months blog 'Being a Licensee & Taking Holidays', good planning and modern technology make working remotely a breeze. Many of you are aware that Jerome and I headed off to Hawaii for a recent holiday. As delightful as it was to have a break from the office, we continued to manage some of our regular duties from our bungalow. If you're going to work on holidays then it may as well be in style right? What does this have to do with trust accounting you may ask? Well, in our travels and through our own trial and error, we found some nifty hints and tips we’d like to share for those heading overseas and looking for some inside advice on what to do (and what not to do) when overseas in regards to managing your trust accounts. Here ... read more >>

5 Tips For Working on Holidays for Trust Accountants2019-03-28T06:24:54+00:00